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Some of the worst corporate meltdowns over the past sixty years can be traced to passive directors who favored operational shortcuts over quality growth strategies. Thinking primarily about placating institutional investors, selective stockholders, proxy advisors, and corporate management, these inattentive and deferential board members have relied on short-term share price increases to sustain their companies long term. Driven by a desire for prosperity, not posterity, these actions can doom any company. In The Activist Director, attorney Ira M. Millstein looks back at fifty years of counseling companies, nonprofits, and governments to actively govern their corporations and constituencies. From the threat of bankruptcy and the ConEd blackout of 1970s New York City, to the meltdown of Drexel Burnham Lambert in the late 1980s, to the turnaround of General Motors in the mid-1990s, Millstein takes readers into the boardrooms of several of the greatest catastrophes and success stories of America's best-known corporations. His solution lies at the top: a new breed of activist directors who partner with management and reject short-term outlooks, plan a future based on growth and innovation, and take responsibility for corporate organization, strategy, and efficiency. What questions should we ask of potential board members and how do we know they'll be active? Millstein offers pragmatic suggestions for recruiting activist directors to the boardroom to secure the future of the corporation.
Investors are tempted daily with misinformation. They make lucky bets that breed false confidence, and their high-stakes gambles can take an emotional toll. How can anyone stay focused in such a volatile profession? In Big Money Thinks Small, veteran fund manager Joel Tillinghast urges investors to act cautiously and follow five primary steps to successful investing: (1) know yourself; (2) make decisions based on your own knowledge; (3) select trustworthy and capable colleagues and collaborators; (4) avoid businesses that seem destined to fail; and (5) always search for bargains. Patience and methodical planning will pay far greater dividends than rash, bold investments. Through sensible instruction, Tillinghast teaches readers how to ask the right questions in any investing situation and think objectively and generatively about portfolio management.
A Brief History of Entrepreneurship charts how the pursuit of profit by private individuals has been a prime mover in revolutionizing civilization. Entrepreneurs often butt up against processes, technologies, social conventions, and even laws. So they circumvent, innovate, and violate to obtain what they want. This creative destruction has brought about overland and overseas trade, colonization, and a host of revolutionary technologies-from caffeinated beverages to the personal computer-that have transformed society. Consulting rich archival sources, including some that have never before been translated, Carlen maps the course of human history through nine episodes when entrepreneurship reshaped our world. Highlighting the most colorful characters of each era, he discusses Mesopotamian merchants' creation of the urban market economy; Phoenician merchant-sailors intercontinental trade, which came to connect Africa, Asia, and Europe; Chinese tea traders' invention of paper money; the colonization of the Americas; and the current "flattening" of the world's economic playing field. Yet the pursuit of profit hasn't always moved us forward. From slavery to organized crime, Carlen explores how entrepreneurship can sometimes work at the expense of others. He also discusses the new entrepreneurs who, through the nascent space tourism industry, are leading humanity to a multiplanetary future. By exploring all sides of this legacy, Carlen brings much-needed detail to the role of entrepreneurship in revolutionizing civilization.
Despite social and economic advances around the world, poverty and disease persist, exacerbated by the mounting challenges of climate change, natural disasters, political conflict, mass migration, and economic inequality. While governments commit to addressing these challenges, traditional public and philanthropic dollars are not enough. Here, innovative finance has shown a way forward: by borrowing techniques from the world of finance, we can raise capital for social investments today. Innovative finance has provided polio vaccines to children in the DRC, crop insurance to farmers in India, pay-as-you-go solar electricity to Kenyans, and affordable housing and transportation to New Yorkers. It has helped governmental, commercial, and philanthropic resources meet the needs of the poor and underserved and build a more sustainable and inclusive prosperity. Capital and the Common Good shows how market failure in one context can be solved with market solutions from another: an expert in securitization bundles future development aid into bonds to pay for vaccines today; an entrepreneur turns a mobile phone into an array of financial services for the unbanked; and policy makers adapt pay-for-success models from the world of infrastructure to human services like early childhood education, maternal health, and job training. Revisiting the successes and missteps of these efforts, Georgia Levenson Keohane argues that innovative finance is as much about incentives and sound decision-making as it is about money. When it works, innovative finance gives us the tools, motivation, and security to invest in our shared future.
The CEO's Boss is the definitive guide to a productive working relationship between corporate boards and CEOs. In this revised edition, William M. Klepper renews the paradigm set forth in The CEO's Boss, with new case studies of companies such as Wells Fargo, BP, Hewlett-Packard, and Proctor & Gamble.
The past thirty years have seen dozens of otherwise successful investors try to improve education through the application of market principles. They have funneled billions of dollars into alternative schools, online education, and textbook publishing, and they have, with surprising regularity, lost their shirts. In Class Clowns, professor and investment banker Jonathan A. Knee dissects what drives investors' efforts to improve education and why they consistently fail. Knee takes readers inside four spectacular financial failures in education: Rupert Murdoch's billion-dollar effort to reshape elementary education through technology; the unhappy investors-including hedge fund titan John Paulson-who lost billions in textbook publisher Houghton Mifflin; the abandonment of Knowledge Universe, Michael Milken's twenty-year mission to revolutionize the global education industry; and a look at Chris Whittle, founder of EdisonLearning and a pioneer of large-scale transformational educational ventures, who continues to attract investment despite decades of financial and operational disappointment. Although deep belief in the curative powers of the market drove these initiatives, it was the investors' failure to appreciate market structure that doomed them. Knee asks: What makes a good education business? By contrasting rare successes, he finds a dozen broad lessons at the heart of these cautionary case studies. Class Clowns offers an important guide for public policy makers and guardrails for future investors, as well as an intelligent expos#65533; for activists and teachers frustrated with the repeated underperformance of these attempts to shake up education.
Featuring interviews with topflight scholars discussing their work and that of their colleagues, this retrospective of the first hundred years of Columbia Business School recounts the role of the preeminent institution in transforming education, industry, and global society. From its early years as the birthplace of value investing to its seminal influence on Warren Buffett and Benjamin Graham, the school has been a profound incubator of ideas and talent, determining the direction of American business.
Three International Monetary Fund economists show that the increase in inequality has been a political choice--and explain what policies we should choose instead to achieve a more inclusive economy. Confronting Inequality is a rigorous and empirically rich book that is crucial for a time when many fear a new Gilded Age.
As OPEC has loosened its grip over the past ten years, the oil market has been rocked by wild price swings, the likes of which haven't been seen for eight decades. Crafting an engrossing journey from the gushing Pennsylvania oil fields of the 1860s to today's fraught and fractious Middle East, Crude Volatility explains how past periods of stability and volatility in oil prices help us understand the new boom-bust era. Oil's notorious volatility has always been considered a scourge afflicting not only the oil industry but also the broader economy and geopolitical landscape; Robert McNally makes sense of how oil became so central to our world and why it is subject to such extreme price fluctuations. Tracing a history marked by conflict, intrigue, and extreme uncertainty, McNally shows how-even from the oil industry's first years-wild and harmful price volatility prompted industry leaders and officials to undertake extraordinary efforts to stabilize oil prices by controlling production. Herculean market interventions-first, by Rockefeller's Standard Oil, then, by U.S. state regulators in partnership with major international oil companies, and, finally, by OPEC-succeeded to varying degrees in taming the beast. McNally, a veteran oil market and policy expert, explains the consequences of the ebbing of OPEC's power, debunking myths and offering recommendations-including mistakes to avoid-as we confront the unwelcome return of boom and bust oil prices.
A seminal work in health economics, Michael Grossman's The Demand for Health, introduced a new theoretical model for determining the health status of the population when first published in 1972. His work uniquely synthesized economic and public health knowledge and catalyzed a vastly influential body of health economics literature. It is well past time to bring this important work back into print. Grossman bases his approach on Gary S. Becker's household production function model and his theory of investment in human capital. Consumers demand health, which can include illness-free days in a given year or life expectancy, and then produce it through the input of medical care services, diet, other market goods and services, and time. Grossman also treats health and knowledge as equal parts of the durable stock of human capital. Consumers therefore have an incentive to invest in health to increase their earnings in the future. From here, Grossman examines complementarities between health capital and other forms of human capital, the most important of which is knowledge capital earned through schooling and its effect on the efficiency of production. He concludes that the rate of return on investing in health by increasing education may exceed the rate of return on investing in health through greater medical care. Higher income may not lead to better health outcomes, as wealth enables the consumption of goods and services with adverse health effects. These are some of the major revelations of Grossman's model, findings that have great relevance as we struggle to understand the links between poverty, education, structural disadvantages, and health.
Corporate leadership can be myopic in its unwillingness to fail. Education and experience can be limiting to executives-except for lessons learned from the world of design, which, when applied to management, can turn leaders into collaborative, creative, deliberate, and accountable visionaries. Design thinking loosens the mind and activates innovation. It creates the conditions for employees to thrive and for all kinds of businesses to succeed. In Designed Leadership, the strategic-design scholar and urban-systems designer Moura Quayle shares her plan for integrating design and leadership, translating processes, principles, and practices from years of experience into tools of change for professional leaders. Quayle describes the key concepts of designed leadership, such as "make values explicit" and "learn from natural systems," showing how strategic design can spur individual creativity and harness collective energy. For managers at any level, Designed Leadership uses original visuals and examples of frontline leadership to teach the kind of thinking, theorizing, and practicing that results in long-lasting high performance in the workplace and beyond.
Designing for Growth showed how organizations can use design thinking to boost innovation and drive growth. This updated and expanded companion guide is a stand-alone project workbook that provides a step-by-step framework for applying the D4G tool kit and process to a particular project.
Through ten stories of struggles and successes in social sector organizations, Design Thinking for the Greater Goods shows how collaborative creativity can shake up even the most entrenched bureaucracies-and provide a practical roadmap for readers to implement these tools. This book will help today's leaders in their pursuit of creative solutions.
This collection of Michael Grossman's most important papers adds essential background and depth to his work on economic-based determinants of public health. Grossman organizes his essays into four categories and includes an introduction to each section that addresses the issues covered and the larger stakes of his work. An afterword discusses the effect of Grossman's approach to subsequent research on health economics and the work others have done to advance and extend his innovative perspective. Determinants of Health begins with a section on the theoretical underpinnings and empirical results of Grossman's groundbreaking health economics model, first introduced in the 1970s. It follows with sections on the relationship between health and schooling; determinants of infant health, with a special emphasis on public policies and programs; and the economics of unhealthy behaviors. These essays explain how the economic choices people make influence health and health behaviors. Grossman treats health as a form of human capital, and he shows that public policies and programs that determine the price and availability of key inputs have critical effects on outcomes ranging from birthweight and infant mortality to cigarette smoking, alcohol abuse, illegal drug use, and obesity. Grossman's approach has led to a major stream of literature in the field with contributions by the world's leading health economists, including Joseph Newhouse, Jonathan Gruber, Amy Finkelstein, Michael Greenstone, and David Cutler. His clarity on the economic decisions that lead people to make good or poor health choices is immensely valuable to the debate over how we spend on and legislate health.
Traditional economics focuses on hypothetical markets in which prices alone can guide efficient allocation, with no need for central organization. Such models build from Adam Smith's famous concept of the invisible hand, which guides markets and renders regulation or interference largely unnecessary. Yet for many markets, prices alone are not enough, and regulation alone is not enough, either. Consider air traffic control at major airports. While prices could encourage airlines to take off and land at less congested times, prices alone are too blunt a tool; only with an air traffic control system can we avoid disastrous consequences. And yet, markets have the benefit of forcing efficiency: we don't waste resources that we must pay to use. What's needed in this and many other real-world cases is an auction system that can effectively incorporate prices while still maintaining enough direct control to ensure that complex constraints are satisfied. In Discovering Prices, Paul Milgrom--the world's most frequently cited academic expert on auction design--describes how auctions can be used to discover prices and guide efficient resource allocations, even when resources are diverse and there are critical constraints. Economists have long understood that externalities and market power both necessitate market organization. In this book, Milgrom introduces complex constraints as another reason for market design. Both lively and technical, Milgrom roots his new theories in real-world examples (including the ambitios markets and renders regulation or interference largely unnecessary. Yet for many markets, prices alone are not enough, and regulation alone is not enough, either. Consider air traffic control at major airports. While prices could encourage airlines to take off and land at less congested times, prices alone are too blunt a tool; only with an air traffic control system can we avoid disastrous consequences. And yet, markets have the benefit of forcing efficiency: we don't waste resources that we must pay to use. What's needed in this and many other real-world cases is an auction system that can effectively incorporate prices while still maintaining enough direct control to ensure that complex constraints are satisfied. In Discovering Prices, Paul Milgrom--the world's most frequently cited academic expert on auction design--describes how auctions can be used to discover prices and guide efficient resource allocations, even when resources are diverse and there are critical constraints. Economists have long understood that externalities and market power both necessitate market organization. In this book, Milgrom introduces complex constraints as another reason for market design. Both lively and technical, Milgrom roots his new theories in real-world examples (including the ambitious U.S. incentive auction of radio frequencies, whose design he led) and provides economists with crucial new tools for dealing with the world's growing complex resource allocation problems.us U.S. incentive auction of radio frequencies, whose design he led) and provides economists with crucial new tools for dealing with the world's growing complex resource allocation problems.
Concept Directory Foreword, by Scott Belsky Introduction I. The Founder Coaches 1. Steve Blank 2. Bill Campbell 3. Eric Ries II. The Venture Capitalists 4. Sam Altman: Y Combinator 5. Steve Anderson: Baseline Ventures 6. Marc Andreessen: Andreessen Horowitz 7. Rich Barton: Expedia, Glassdoor, Zillow 8. Roelof Botha: Sequoia Capital 9. Jim Breyer: Breyer Capital 10. Chris Dixon: Andreessen Horowitz 11. John Doerr: Kleiner Perkins Caufield & Byers 12. Peter Fenton: Benchmark 13. Jim Goetz: Sequoia Capital 14. Paul Graham: Y Combinator 15. Kirsten Green: Forerunner Ventures 16. Bill Gurley: Benchmark 17. Reid Hoffman: Greylock Partners 18. Ben Horowitz: Andreessen Horowitz 19. Vinod Khosla: Khosla Ventures 20. Josh Kopelman: First Round Capital 21. Jenny Lee: GGV Capital 22. Doug Leone: Sequoia Capital 23. Dan Levitan: Maveron 24. Jessica Livingston: Y Combinator 25. Mary Meeker: Kleiner Perkins Caufield & Byers 26. Michael Moritz: Sequoia Capital 27. Chamath Palihapitiya: Social Capital 28. Keith Rabois: Khosla Ventures 29. Andy Rachleff: Wealthfront 30. Naval Ravikant: AngelList 31. Heidi Roizen: Draper Fisher Jurvetson 32. Mark Suster: Upfront Ventures 33. Peter Thiel: Founders Fund 34. Fred Wilson: Union Square Ventures 35. Ann Winblad: Hummer Winblad Venture Partners Conclusion Glossary
Suffocating smog regularly envelops Chinese metropolises from Beijing to Shanghai, clouding the future prospect of China's growth sustainability. Air pollutants do not discriminate between the rich and the poor, the politician and the "average Joe." They put everyone's health and economic prosperity at risk, creating future costs that are difficult to calculate. Yet many people, including some in China, are concerned that addressing environmental challenges will jeopardize economic growth. In The Economics of Air Pollution in China, leading Chinese economist Ma Jun makes the case that the trade-off between growth and environment is not inevitable. In his ambitious proposal to tackle severe air pollution and drastically reduce the level of so-called PM 2.5 particles-microscopic pollutants that lodge deeply in lungs-Ma Jun argues that in targeting pollution, China has a real opportunity to undertake significant structural economic reforms that would support long-term growth. Rooted in rigorous analyses and evidence-based projections, Ma Jun's "big bang" proposal aims to mitigate pollution and facilitate a transition to a greener and more sustainable growth model.
Industrial policy, once relegated to resource allocation, technological improvements, and the modernization of industries, should be treated as a serious component of sustainability and developmental economics. A rich set of complimentary institutions, shared behavioral norms, and public policies have sustained economic growth from Britain's industrial revolution onwards. This volume revisits the role of industrial policy in the success of these strategies and what it can offer developed and developing economies today. Featuring essays from experts invested in the expansion of industrial policies, topics discussed include the most effective use of industrial policies in learning economies, development finance, and promoting investment in regional and global contexts. Also included are in-depth case studies of Japan and India's experience with industrial policy in the banking and private sector. One essay revisits the theoretical and conceptual foundations of industrial policy from a structural economics perspective and another describes the models, packages, and transformation cycles that constitute a variety of approaches to implementation. The collection concludes with industrial strategies for facilitating quality growth, realizing more sustainable manufacturing development, and encouraging countries to industrialize around their natural resources.
In the decades since Geoffrey Heal began his field-defining work in environmental economics, one central question has animated his research: "Can we save our environment and grow our economy?" This issue has become only more urgent in recent years with the threat of climate change, the accelerating loss of ecosystems, and the rapid industrialization of the developing world. Reflecting on a lifetime of experience not only as a leading voice in the field, but as a green entrepreneur, activist, and advisor to governments and global organizations, Heal clearly and passionately demonstrates that the only way to achieve long-term economic growth is to protect our environment. Writing both to those conversant in economics and to those encountering these ideas for the first time, Heal begins with familiar concepts, like the tragedy of the commons and unregulated pollution, to demonstrate the underlying tensions that have compromised our planet, damaging and in many cases devastating our natural world. Such destruction has dire consequences not only for us and the environment but also for businesses, which often vastly underestimate their reliance on unpriced natural benefits like pollination, the water cycle, marine and forest ecosystems, and more. After painting a stark and unsettling picture of our current quandary, Heal outlines simple solutions that have already proven effective in conserving nature and boosting economic growth. In order to ensure a prosperous future for humanity, we must understand how environment and economy interact and how they can work in harmony-lest we permanently harm both.
Richard E. Kihlstrom, the Wharton School, University of Pennsylvania: Christian Gollier has written an ambitious book that is founded on the important theoretical and empirical advances of the past fifty years in economics generally and in financial economics specifically. His highly creative interpretation of the results of this literature yields a novel normative framework for use in valuing social investments. Martin L. Weitzman, Harvard University: Using cost-benefit analysis to evaluate public investments - like moderating the impact of climate change - is a complicated, poorly understood, and controversial application of economics principles. Christian Gollier here demystifies the high theory of this important subject into a framework and a language that will be understandable to an interested general audience. Rick van der Ploeg, University of Oxford: Long-run investments to fight global warming have clearly been insufficient. Gollier shows in his gripping and thought-provoking book that this is due to policy makers applying the usury interest rates of financial capitalism, rather than using ethical reasoning and assessment of long-run risks to value the returns on such investments. Eric Maskin, Harvard University, Nobel laureate in economics: Christian Gollier has a deep understanding of financial markets and how they often fail to advance social well-being. In this wise book, he develops analytic tools for aligning investment decisions with the public good to point us in a better direction.
The Evolution of Money illuminates money's elastic nature, focusing on the tension between currency's real and abstract properties and advancing a vital theory of money. From ancient Mesopotamia to the digital era, The Evolution of Money helps us visualize and strategize money's next, transformative role.
In the 1960s and '70s, a diverse range of storefronts-including head shops, African American bookstores, feminist businesses, and organic grocers-brought the work of the New Left, Black Power, feminism, environmentalism, and other movements into the marketplace. Through shared ownership, limited growth, and democratic workplaces, these activist entrepreneurs offered alternatives to conventional profit-driven corporate business models. By the middle of the 1970s, thousands of these enterprises operated across the United States-but only a handful survive today. Some, such as Whole Foods Market, have abandoned their quest for collective political change in favor of maximizing profits. Vividly portraying the struggles, successes, and sacrifices of these unlikely entrepreneurs,From Head Shops to Whole Foodswrites a new history of social movements and capitalism by showing how activists embraced small businesses in a way few historians have considered. The book challenges the widespread but mistaken idea that activism and political dissent are inherently antithetical to participation in the marketplace. Joshua Clark Davis uncovers the historical roots of contemporary interest in ethical consumption, social enterprise, buying local, and mission-driven business, while also showing how today's companies have adopted the language-but not often the mission-of liberation and social change.
Where are the next decade's greatest investment opportunities? Veteran investor Marko Dimitrijevic argues that they can be found in frontier markets, which account for seventy-one of the world's seventy-five fastest-growing economies and 19 percent of the world's GDP. Yet many investors ignore them. Fueled by new access to technology and information, frontier markets are emerging even faster than their predecessors, making them an essential component of a globally diversified portfolio. In Frontier Investor, Dimitrijevic shows through colorful case studies, compelling charts, and fascinating travel anecdotes that it is not only possible but prudent to invest in these unfamiliar and undervalued options. Dimitrijevic explains how frontier markets such as Nigeria, Panama, and Bangladesh are poised to follow the similar paths of Chinese, Indian, and Russian markets, which were considered exotic two decades ago. He details a strategy for how and where to invest, directly or indirectly, to profit from frontier growth. Dimitrijevic covers the risks, political and otherwise, of these markets, the megatrends that promise exciting investment opportunities in the coming years, and the prospects for countries beyond the frontier, including Myanmar, Cuba, and even Iran. Rich with experience and insight, Frontier Investor opens up a whole new world-and worldview-to investors.
John Hoenig explores the path by which, over the last two centuries, the tomato went from a rare seasonal crop to America's favorite vegetable. Garden Variety illuminates American culinary culture from 1800 to the present, challenging a simple story of mass-produced homogeneity and demonstrating the persistence of diverse food cultures throughout modern America.
Many in the United States feel that the nation's current level of economic inequality is unfair and that capitalism is not working for 90% of the population. Yet some inequality is inevitable. The question is: What level of inequality is fair? Mainstream economics has offered little guidance on fairness and the ideal distribution of income. Political philosophy, meanwhile, has much to say about fairness yet relies on qualitative theories that cannot be verified by empirical data. To address inequality, we need to know what the goal is-and for this, we need a quantitative, testable theory of fairness for free-market capitalism. How Much Inequality Is Fair?synthesizes concepts from economics, political philosophy, game theory, information theory, statistical mechanics, and systems engineering into a mathematical framework for a fair free-market society. The key to this framework is the insight that maximizing fairness means maximizing entropy, which makes it possible to determine the fairest possible level of pay inequality. The framework therefore provides a moral justification for capitalism in mathematical terms. Venkat Venkatasubramanian also compares his theory's predictions to actual inequality data from various countries-showing, for instance, that Scandinavia has near-ideal fairness, while the United States is markedly unfair-and discusses the theory's implications for tax policy, social programs, and executive compensation.
Businesses often find themselves trapped in a competitive dogfight, scratching and clawing for market share with products consumers view as largely undifferentiated. Conventional wisdom suggests that dogfights are to be expected as marketplaces mature, giving rise to the notion that there are "bad" industries where it is unlikely that any company can succeed. But there are notable exceptions where enlightened executives have changed the rules of the game to survive and thrive in embattled industries. Rather than join the dogfight, companies like Apple, FedEx, and Starbucks have chosen to become metaphorical cats, continuously renewing their distinctive strategies to compete on their own terms. In If You're in a Dogfight, Become a Cat longtime business consultant and Columbia Business School faculty member Leonard Sherman explores two of the most vexing questions facing business executives: why is it so hard to achieve long-term profitable growth? And how can companies break away from the pack? Filled with dozens of illustrative examples of inspiring successes and dispiriting falls from grace, this book provides deep insights and practical guidance on how to become the cat in a dogfight, and achieve the holy grail of business: long-term profitable growth.
Since the 1950s, Warren Buffett and his partners have backed some of the twentieth century's most profitable, trendsetting companies. But how did they know they were making the right investments? What did Buffet and his partners look for in an up-and-coming company, and how can others replicate their approach? A gift to Buffett followers who have long sought a pattern to the investor's success, Inside the Investments of Warren Buffett presents the most detailed analysis to date of Buffet's long-term investment portfolio. Yefei Lu, an experienced investor, starts with Buffett's interest in the Sanborn Map Company in 1958 and tracks nineteen more of his major investments in companies like See's Candies, the Washington Post, GEICO, Coca-Cola, US Air, Wells Fargo, and IBM. Accessing partnership letters, company documents, annual reports, third-party references, and other original sources, Lu pinpoints what is unique about Buffett's timing, instinct, use of outside knowledge, and postinvestment actions, and he identifies what could work well for all investors in companies big and small, domestic and global. His substantial chronology accounts for broader world events and fluctuations in the U.S. stock market, suggesting Buffett's most important trait may be the breadth of his expertise.
An interdisciplinary group of prominent scholars scrutinizes how the rules of global economic governance--or the lack thereof--determine the extent and growth of inequality. With a focus on achievable reforms, this book offers concrete steps capable of counteracting inequitable wealth distribution and bringing about fairer economic growth.
The story behind the democratization of investing is also a tale rich with lessons for professional and everyday investors who hope to make wiser choices in their own time. This entertaining history doubles as a sophisticated account of the opportunities and challenges facing the modern investor. By helping us understand this history and its legacy of risk, the authors hope to better educate readers about the individual and societal impact of investing, and ultimately level the playing field.
Kosher USA follows the fascinating journey of kosher food through the modern industrial food system. It recounts how iconic products such as Coca-Cola and Jell-O tried to become kosher; the contentious debates among rabbis over the incorporation of modern science into Jewish law; how Manischewitz wine became the first kosher product to win over non-Jewish consumers (principally African Americans); the techniques used by Orthodox rabbinical organizations to embed kosher requirements into food manufacturing; and the difficulties encountered by kosher meat and other kosher foods that fell outside the American culinary consensus. Kosher USA is filled with big personalities, rare archival finds, and surprising influences: the Atlanta rabbi Tobias Geffen, who made Coke kosher; the lay chemist and kosher-certification pioneer Abraham Goldstein; the kosher-meat magnate Harry Kassel; and the animal-rights advocate Temple Grandin, a strong supporter of shechita, or Jewish slaughtering practice. By exploring the complex encounter between ancient religious principles and modern industrial methods, Kosher USA adds a significant chapter to the story of Judaism's interaction with non-Jewish cultures and the history of modern Jewish American life as well as American foodways.
The essays in this collection assess Roberto Frenkel's work, discussing Latin American neo-structuralism's theoretical contributions and viability as the world's economies evolve. For those seeking a comprehensive introduction to contemporary Latin American economic thought, this collection not only explicates the intricate work of one of its greatest practitioners, but demonstrates its impact on the growth of economics.
Merger Masters presents revealing profiles of monumentally successful merger investors based on exclusive interviews with some of the greatest minds to practice the art of arbitrage. Told in lively, accessible prose, it is an incomparable set of stories with plenty of unfiltered lessons from the best managers of our time.
Aswath Damodaran, finance professor and experienced investor, argues that the power of story drives corporate value, adding substance to numbers and persuading even cautious investors to take risks. In business, there are the storytellers who spin compelling narratives and the number-crunchers who construct meaningful models and accounts. Both are essential to success, but only by combining the two, Damodaran argues, can a business deliver and sustain value.
Sovereign wealth funds (SWFs) can be effective tools for national resources revenue management. These state-owned investments, funded by commodity exports, foreign exchange reserves, or other national assets, are adaptable to the challenges posed by financial shocks and have been successfully employed in an increasing number of countries. The number of SWFs continues to grow, with the largest funds managing trillions of dollars in assets among them. However, given the significant variations among SWFs, it can be difficult to compare funds that differ in size, scope, and mandate. This book provides a sorely needed practical look at how these funds work-and how they should work. The New Frontiers of Sovereign Investment combines the insights and experience of academic economists and practitioners from several funds to survey a diverse financial landscape and establish the challenging topical questions facing a broad range of SWFs today: Should they serve both economic development and financial returns, and how? Will responsible investment enhance long-term returns? How can fiscal rules for SWFs be improved to meet emerging economic challenges? The book considers these questions as they apply to both long-established and newer SWFs. Featuring contributions from sovereign wealth practitioners from Alberta's AIMCo, the Nigerian Sovereign Investment Authority, and the New Zealand Superannuation Fund, as well as analysis by scholars at the forefront of sovereign investment, this volume provides timely and much-needed information on these rapidly evolving institutions.
The New Stock Market covers a wide range of issues including the practices of high-frequency traders, insider trading, manipulation, short selling, broker-dealer practices, and trading venue fees and rebates. The book illuminates both the existing regulatory structure of our equity trading markets and how we can improve it.
Many of the world's major economies boast dominant international currencies. Not so for China. Its renminbi has lagged far behind the pound, the euro, and the dollar in global circulation-and for good reason. China has long privileged economic policies that have fueled development at the expense of the renminbi's growth, and it has become clear that the underpowered currency is threatening China's future. The nation's leaders now face the daunting task of strengthening the currency without losing control of the nation's economy or risking total collapse. How are they approaching this challenge? In The People's Money, Paola Subacchi introduces readers to China's monetary system, mapping its evolution over the past century and, particularly, its transformation since Deng Xiaoping took power in 1978. Subacchi revisits the policies that fostered the country's economic rise while at the same time purposefully creating a currency of little use beyond China's borders. She shows the key to understanding China's economic predicament lies in past and future strategies for the renminbi. The financial turbulence following the global crisis of 2008, coupled with China's ambitions as a global creditor and chief economic power, has forced the nation to reckon with the limited international circulation of the renminbi. Increasing the currency's reach will play a major role in securing China's future.
In The Power of a Single Number, Philipp Lepenies tells the lively, unpredictable history of GDP's political acceptance--and eventual dominance. Since it was first widely used in the mid-twentieth century, GDP (gross domestic product) has become the world's most powerful statistical indicator of national development and progress. Lepenies's absorbing account helps us understand the personalities and popular events that propelled GDP to dominance, clarifying current debates over the wisdom of the number's rule.
Many investors believe that success in investing is either luck or clairvoyance. In Rational Investing, finance professor Hugues Langlois and asset manager Jacques Lussier present the current state of asset management and clarify the conundrum of luck versus skill.
This book is a primer for readers of all levels on the coming energy transition and its global consequences. Bruce Usher provides a concise yet comprehensive explanation for the growth in wind and solar energy; the trajectory of the transition from fossil fuels to renewables; and the implications for industries, countries, and the climate.
In Rescuing Retirement, Teresa Ghilarducci and Tony James offer a comprehensive yet simple plan to help workers save for retirement, increase retirement savings by earning higher returns, and guarantee lifelong income for everyone. It offers a practical guide to the future of secure retirement.
Governments often use direct subsidies or tax credits to encourage investment and promote economic growth and other development objectives. Properly designed and implemented, these incentives can advance a wide range of policy objectives (increasing employment, promoting sustainability, and reducing inequality). Yet since design and implementation are complicated, incentives have been associated with rent-seeking and wasteful public spending. This collection illustrates the different types and uses of these initiatives worldwide and examines the institutional steps that extend their value. By combining economic analysis with development impacts, regulatory issues, and policy options, these essays show not only how to increase the mobility of capital so that cities, states, nations, and regions can better attract, direct, and retain investments but also how to craft policy and compromise to ensure incentives endure.
Today, all it takes is one organizational misstep to sink a company's reputation. Social media can be a strict ethical enforcer, with the power to convince thousands to boycott products and services. Executives are stuck on appeasing stakeholders-shareholders, employees, and consumers-but they ignore shapeholders, regulators, the media, and social and political activists who have no stake in a company but will work hard to curb what they see as bad business practices. And they do so at their own peril. In Shapeholders: Business Success in the Age of Activism, former congressman, Fortune 500 executive, and university president Mark Kennedy argues that shapeholders, as much as stakeholders, have significant power to determine a company's risks and opportunities, if not its survival. Many international, multi-billion-dollar corporations fail to anticipate activism, and they flounder on first contact. Kennedy zeroes in on the different languages that shapeholders and companies speak and their contrasting metrics for what constitutes acceptable business practice. Executives, he argues, must be visionaries who find profitable-and probable-collaborations to diffuse political tensions. Kennedy's decision matrix helps corporations align their business practices with shapeholder interests, anticipate their demands, and assess changing moral standards so that together they can plan a profitable route forward.
Howard W. Buffett and William B. Eimicke present a new management framework for developing and measuring the success of partnerships among the public, private, and philanthropic sectors. Social Value Investing creates a blueprint for designing and managing effective, sustainable collaborations with positive social impact.
Sovereign Wealth Funds in Resource Economies explains the fiscal rules and institutional structures that can make SWFs thrive, providing a practical and theoretical guide to their optimal use in resource-revenue management. Khalid Alsweilem and Malan Rietveld's institutional perspective examines both investment and disbursement strategies.
The current approach to resolving sovereign debt crises does not work: sovereign debt restructurings come too late and address too little. Though unresolved debt crises impose enormous costs on societies, many recent restructurings have not been deep enough to provide the conditions for economic recovery (as illustrated by the Greek debt restructuring of 2012). And if the debtor decides not to accept the terms demanded by the creditors, finalizing a restructuring can be slowed by legal challenges (as illustrated by the recent case of Argentina, deemed as "the trial of the century"). A fresh start for distressed debtors is a basic principle of a well-functioning market economy, yet there is no international bankruptcy framework for sovereign debts. While this problem is not new, the United Nations and the global community are now willing to do something about it. Providing guidance for those who intend to take up reform, this book assesses the relative merits of various debt-restructuring proposals, especially in relation to the main deficiencies of the current nonsystem. With contributions by leading academics and practitioners, Too Little, Too Late reflects the overwhelming consensus among specialists on the need to find workable solutions.
This collection of essays reflects on how modern economics has been shaped by Joseph Stiglitz. High-profile authors spanning microeconomics, macroeconomics, inequality, development, law and economics, and public policy take up the central debates and discoveries of the field and provide insights on the future directions of academic economics.
Hannah Catherine Davies offers a new lens on nineteenth-century globalization by exploring the ways in which the crises of 1873 challenged notions of economic and moral order. She maps the dual "transatlantic speculations": the financial speculation that led to these panics as well as the interpretative speculations that sprouted in their wake.
In Venture Investing in Science, the venture capitalist Douglas W. Jamison and the investment author Stephen R. Waite directly link financial support to revolutionary advancements in physics, computers, chemistry, and biology and make a passionate case for continued investing to meet the global challenges of our time.
This book gives a transformative explanation of how cutting-edge neuroscience can help business leaders set a course toward better management. Strategic leaders, it shows, play the role of wise advocates: able to go beyond day-to-day transactional behavior to a longer-term, broader perspective that articulates their organization's deeper purpose.